Nifty, Sensex Likely to Open Up on Momentum; Dow Futures Trade Slightly Up

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Nifty, Sensex Likely to Open Up on Momentum; Dow Futures Trade Slightly Up
Credit: © Reuters.

By Aditya Raghunath -- It seems very likely that Indian markets are going to continue the momentum of the first two days of the week, and open in the green today. Nifty 50 Futures in Singapore are trading up 0.26%, and that indicates a positive opening for Nifty 50 and the BSE Sensex .

Global cues also point to a green opening. Nikkei 225 is trading up 0.63% and KOSPI is up 0.19%. US stocks ended mixed with Dow Jones Industrial Average   and S&P 500 ending higher while Nasdaq ended in the red with a lot of pressure on tech stocks. Futures in the US are all trading in the green with Dow Jones 30 Futures up 0.14%, S&P 500 Futures up 0.15% and Nasdaq 100 Futures up 0.22%. Analysts expect US markets to be muted as everyone waits for two outcomes:

  1. Incoming President Joes Biden’s ‘trillions of dollars’ worth stimulus plan.
  2. Vaccine rollouts to get the resurging COVID-10 cases under control.

Crude oil prices touched a 10-month high as they crossed the $53 mark as there are expectations that there will be a tightening of supply. Crude is now trading at $53.71.

It will be interesting to see if Tata Motors (NS: TAMO ) continues its rally after news emerged that Tesla Inc (NASDAQ: TSLA ) has opened up its India office in Bengaluru. Tata Motors stock has rallied around 20% in two days on news of a partnership with Tesla.

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